Four-Unit Multifamily
For Sale
$995,000
309 W 41st St, Savannah, GA 31401
TN-2-zoned Savannah property near SCAD and downtown with large residential layouts and off-street parking.
Property Size5,358 SF
Price / SF$185.70
Days on Market42
Property Features for 309 W 41st St
General Information
Standard status
Active
Size
5,358 SF
Property subtype
Multi-Family
Zoning
TN-2
Financials
Gross Income
$96,000
Average Monthly Rent
$2,000
Units
Unit Mix
4 x 4BR/1BA
Multifamily Units
4
Building Details
Year Built
1910
Listing Agency:
Bare Real Estate
(912) 236-1000
Listed By:
Daniel Worsley · License #357843
Source:
Barefootbrokers
Added: Jul 22
Changed: Aug 29
Last Checked: Aug 30 at 8:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bare Real Estate
Investment Insights
Based on property information with market context.
This 5,358-square-foot quadplex, built in 1910, contains four residential units configured with 4 bedrooms and 1 bathroom per unit. The layouts support continued multifamily occupancy, with each residence offering a larger format suited to shared living arrangements. The property also includes a .07-acre off-street parking lot and is located at 309 W 41st St in Savannah’s Starland District.
TN-2 zoning allows continued multifamily use, while the property’s setting places it near SCAD, downtown Savannah, dining, retail, and entertainment. The combination of four-bedroom units, on-site parking, and an established residential configuration provides a clear operating profile for multifamily ownership.
TN-2 zoning allows continued multifamily use, while the property’s setting places it near SCAD, downtown Savannah, dining, retail, and entertainment. The combination of four-bedroom units, on-site parking, and an established residential configuration provides a clear operating profile for multifamily ownership.
Key Highlights
- Four‑unit quadplex with 4 bedrooms and 1 bathroom in each unit
- 5,358 square feet of building area
- .07‑acre off‑street parking lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$56,810
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,136,200
$1.1M
Cap Rate 7%
$811,571
$811.6K
Cap Rate 9%
$631,222
$631.2K
Market Conditions
NOI Build-Up for 5,358 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$86.8K $16.20/SF
− Vacancy
−$5.6K −$1.05/SF
EGI
$81.2K $15.15/SF
− OpEx
−$24.3K −$4.54/SF
NOI
$56.8K $10.60/SF
Area
Savannah, GA
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,136,200
Cap Rate 7%
$811,571
Cap Rate 9%
$631,222
Alternative Uses
Best Use
Multifamily LT 5
$811.6K
$710.1K – $946.8K
NOI $56,810 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$752.6K
$658.6K – $878.1K
NOI $52,685 @ 7.0% cap · market cap 5.29%
Theoretical Best
Warehouse
$5.01M
$4.38M – $5.84M
NOI $350,518 @ 7.0% cap · market cap 35.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,260
Businesses Nearby
Explore this area
Business Placement
Demographics for 31401, GA
22,927
Population
11,832
Households
1.9
Avg Household Size
28
Median Age
48%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
6,743
Density / Sq Mi
$50,182
Median Household Income
$27,309
Median Earnings
$1,428
Median Rent
$477,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - TN-2-zoned Savannah property near SCAD and downtown with large residential layouts and off-street parking.
Where is this quadplex located?
The property is located at 309 W 41st St Savannah, GA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Four‑unit quadplex with 4 bedrooms and 1 bathroom in each unit; 5,358 square feet of building area; .07‑acre off‑street parking lot
